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TOTAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between total revenue received by a monopoly for selling its output and the quantity of output sold. It is used with the monopoly firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve.
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POLICY LAGS Time lags that occur between the onset of an economic problem and the full impact of the policy intended to correct the problem. Policy lags come in two broad categories--inside lag (getting the policy activated) and outside lag (the subsequent impact of the policy). The three specific inside lags are recognition lag, decision lag, and implementation lag. The one specific outside lag is termed impact lag. Policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy. Policy lags, especially inside lags, are often different for monetary policy than for fiscal policy.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for strangers with large satchels of used undergarments.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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